substantiation
Most businesses incur travel, meal, gift, and listed property expenses in the ordinary course of business. The IRS requires documentation in order to substantiate that these expenses have a legitimate business purpose and if substantiation is not present the IRS may disallow the expense altogether.
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REDPATH INSIGHTS
- ESOPs During a Recession: What You Need to Know Now โ RedpathWhen you're ready to exit your business, you have many options for how to go about planning what will happen when (and after) your exit. Employee stock ownership plans (ESOPs) are one of them โ but how do you know what's right for your succession plan with the economy slipping into a recession?
- Presidential Executive Order Payroll Tax ImpactAugust 11, 2020 โ On August 8, 2020, President Trump issued an executive order that allows employees to defer payroll taxes in light of the ongoing COVID-19 pandemic. The executive order directs the Secretary of the Treasury, Steve Mnuchin, to defer the withholding, deposit, and payment of certain taxes on wages or compensation paid during […]
- How to Retain Your Best Construction Employees When Revenue DropsWhen new work dries up and your construction company begins backlogged work, the future of your workforce can seem uncertain. How do you keep your best team members through tough times in a market where their next pay increase could be just a job away? That's not to mention the economic pressure of the COVID-19 […]